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What Veterinary Students Should Know about Student Loans

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Scholarships and Grants

Unlike student loans, scholarships and grants do not need to be repaid, so it’s well worth your time to apply for them to help lower your cost of education. The American Veterinary Medical Foundation (AVMF) page is a great place to start looking. The AVMF provides a wide range of scholarships for veterinary students and also maintains a list of external scholarship opportunities.

You also can explore scholarship and grant opportunities through local and regional veterinary organizations and other national associations. For example, your state VMA may have a list of options and resources available to veterinary students.

The Veterinary Medicine Loan Repayment Program (VMLRP) is a grant program offered by the federal government, which helps pay down qualified educational loans of veterinarians who agree to serve in a designated veterinary shortage area for at least three years. If you’re interested in rural, large animal or public practice, this is a great opportunity!

Student Loans

How much money should you borrow?
As little as possible! Interest on federal loans for graduate and professional students accumulates while you are in school, so your best strategy is to take out only the amount you absolutely need each term.

Keeping a budget will help you determine what you actually need versus the offered amount, and ultimately you may then be able to borrow less. The AVMA provides a free budgeting tool accessible by all SAVMA members, which has veterinary-specific prompts to help make sure you’re tracking everything you need. Find more budgeting resources here to help you with financial planning.

Worried about estimating correctly, or already borrowed more than you need? You can cancel all or part of your loan within 120 days of receiving it, with no interest or fees. Be sure to take advantage of this major cost savings if you need to!

Federal vs. Private Loans
The federal government funds federal loans and determines the maximum interest and fees. Federal loans offer access to income-driven repayment opportunities and protections for borrowers that are not necessarily available through private loans. A large majority, if not all, of your loans will be federal student loans.

For information on the different types of federal loans, visit the VIN Student Debt Center’s page on student loan types.

If you take out private student loans, your interest rate and fees are based on your credit score and may vary depending on the school you attend. FinAid.org provides a list of major private education loans. Remember that private loans do not offer the same repayment options or borrower protections as federal loans.

Keeping Track of Your Loan(s)
Once you've signed the papers and the loan wheels are set in motion, keep track of your loans. You can use the VIN Foundation’s My Student Loans tool to help you make sense of your important loan information. To track your federal loan balances, visit the U.S. Department of Education's central database: National Student Loan Data System (NSLDS).